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Cost Curves · Question 21 of 62

Question 21

EasyOriginal question

Read the two statements and choose the correct option.

I. TVC is the sum of the marginal costs of all units produced.

II. TC is the sum of the marginal costs of all units produced.

Options for question 21

Show the answer and explanation
CorrectNot quiteAnswer A

Correct answer: A

Explanation

  1. I is true: each MC is a step in TVC.

  2. II is false: TC also includes TFC, which no MC contains.

Concept
Summing marginal costs
Typical time
40 s
Your time
—
The rule this testsAverage and marginal cost
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Ten questions from Cost Curves, at your own pace.

Practise this chapter →

Ten questions from Cost Curves, at your own pace.

Practise this chapterAll 62 questions in Cost CurvesRevise the notes for Cost Curves